(Alliance News) - Coro Energy PLC on Friday said it signed a power purchase agreement with Mobile World Investment Corp to cover the pilot phase of the 50 megawatt project.

The South East Asian energy company said the binding 14-year deal follows a previous announcement in October, when it signed a memorandum of understanding and exclusivity with Mobile World over the installation of rooftop solar systems across an initial portfolio of 900 company sites with an estimated 50MW of rooftop solar capacity.

The newly signed binding deal with Mobile World is to deliver power at the first ten sites as a pilot phase with a capacity of 430 kilowatts, Coro Energy said.

The agreement term is extendable in certain circumstances and includes a variable price with a floor of around 11.2 US cents per kilowatt hour.

Coro Energy said construction work at these sites will begin this month and is expected to conclude 28 days later.

The capital required for the pilot phase is expected to be funded from existing in-country group resources, Coro Energy said, alongside a debt facility expected to be provided by HDBank.

Coro Energy said HDBank have provided a non-binding commitment letter in respect of the pilot locations, details of which were announced by Coro Energy in January.

On successful commissioning of the ten pilot sites, Coro Energy said it will review the learnings from the pilot stage and initiate the full-scale rollout targeting all 900 Mobile World locations.

Shares in Coro Energy were 2.7% lower at 0.18 pence each in London on Friday afternoon.

By Greg Rosenvinge, Alliance News senior reporter

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